Acquisition and Eliminating Entries Potluck Corp. acquired all of the stock of Sauers Corp. on June 30, 2022, in an acquisition reported as a stock acquisition. Sauers' trial balance at the date of acquisition, along with the fair values of its assets and liabilities, are: Tangible assets Intangible assets Liabilities Total 3 Capital stock Retained earnings Accumulated other comprehensive income Show Transcribed Text c Fair Value Dr (Cr) $66,000,000 $27,500,000 16,500,000 99,000,000 (61,600,000) (60,500,000) (11,000,000) (9,790,000) (110,000) Book Value Dr (Cr) $0 Potluck pays $99 million in cash and issues 1,650,000 shares of stock to the former owners of Sauers. Potluck's stock has a par value of $0.01 /share. The market price of the shares at the date of acquisition, $39 /share, is used to value the shares issued. Registration fees for the stock are $550,000 and legal and consulting fees connected with the acquisition are $660,000, both paid in cash. Required Note: Enter all zeros with your numerical answers, do not abbreviate your answers in thousands or in millions.

Acquisition and Eliminating Entries Potluck Corp. acquired all of the stock of Sauers Corp. on June 30, 2022, in an acquisition reported as a stock acquisition. Sauers' trial balance at the date of acquisition, along with the fair values of its assets and liabilities, are: Tangible assets Intangible assets Liabilities Total 3 Capital stock Retained earnings Accumulated other comprehensive income Show Transcribed Text c Fair Value Dr (Cr) $66,000,000 $27,500,000 16,500,000 99,000,000 (61,600,000) (60,500,000) (11,000,000) (9,790,000) (110,000) Book Value Dr (Cr) $0 Potluck pays $99 million in cash and issues 1,650,000 shares of stock to the former owners of Sauers. Potluck's stock has a par value of $0.01 /share. The market price of the shares at the date of acquisition, $39 /share, is used to value the shares issued. Registration fees for the stock are $550,000 and legal and consulting fees connected with the acquisition are $660,000, both paid in cash. Required Note: Enter all zeros with your numerical answers, do not abbreviate your answers in thousands or in millions.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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